Dr. R. Seetharaman Conferred with Doctorate in Global Governance at European University
October 2, 2013 - Dubai, United Arab Emirates
While defending his thesis, Dr. Seetharaman said, “In response to the crisis, global regulatory reforms have been actively reviewed under the leadership of G20 countries and in co-ordination with the financial stability board (FSB), International Monetary Fund (IMF), and the Bank for International settlements (BIS). G20 has also noted the progress achieved by the Global Partnership for Financial Inclusion (GPFI) in implementing the Financial Inclusion Action Plan. The World is getting leveraged. The Dodd–Frank Wall Street Reform and Consumer Protection Act in US implemented the regulatory reforms in response to the crisis. A consumer protection agency was formed under this act as it attained significant importance. The Volcker’s Rule was enacted under this regulation to restrict proprietary trading. The SEC also proposed tougher disclosure rules for Hedge fund and private equity firms. FSB, IMF and BIS are working on macro-prudential policy frameworks, including tools to mitigate the impact of excessive capital flows.”
Dr. Seetharaman highlighted, “Policy framework for systemically important financial institutions, regulation and oversight of shadow banking are some of the areas which required review in the light of current crisis. Basel 3 implementation is underway. The tax havens should also be regulated. The current realignment of the global architecture will support the achievement of one of the eight UN Millennium development goals “to develop a global partnership for development,” which aims to further develop an open, rule-based, predictable, non-discriminatory trading and financial system. This would include a commitment to good governance, development, and poverty reduction, both nationally and internationally. Economies, institutions and individuals need to follow governance. My idea for Global Governance is strategic control of economies and corporations in the most effective way through Governance. It can be called corporate governance for institutions, and global governance for economies. Individuals are also affected by corporate governance and global governance due to the links with institutions and economies, respectively.“
He further added “The Global Financial crisis is an opportunity for real economies to prosper, and financial economies to correct their values to become real and more ethical so that the world becomes a better place. This crisis is also an opportunity to create a better world, based on sound transparent principles and ethics. On account of the crisis emerging economies may have realized their strengths, and advanced economies have come under regulatory re-alignment. Economies need to integrate the principles of sustainable development into their policies and programs. Moral and ethical governance is the key for sustainability and strengthening of Global and Corporate Governance will promote sustainability. Sustainability is the key for long-term growth.”
The Concept of Global Governance was presented in May 2012 by Dr. R. Seetharaman at The United Nations General Assembly’s ‘High-Level Thematic Debate on the State of the World Economy’ at New York.
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The Dubai branch of Doha Bank was opened in 2008.
Source: Business Wire India